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Macy’s Inc. reported better than expected Q3 results yesterday. Overall sales came in at $4.86bn, topping forecasts of $4.77bn for the quarter. The company raised the forecast of full-year revenue to $22.9-23.2bn and the adjusted earnings to $2.88-3.13/share. This is compared to its prior outlook of full-year revenue in the $22.8-23.2bn range and earnings in the $2.7-3.2/share range. However, same store sales declined by 7.6% and net profit came in at $43mn in the quarter, compared to $108mn a year earlier. Macy’s shares reacted positively, rising by 3.6%, to $14.96.
Macy’s dollar bonds have also been on the rise over the last week, with its 5.875% 2029s gaining almost 3 points over the past week and currently trading at 91.25 cents on the dollar, yielding 7.9%.
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